Key takeaways:
- Within the next six months, the UK hopes to enact new legislation governing stablecoins and cryptocurrency staking.
- UK PM committed to turning the nation into a “global crypto hub,” emphasizing the necessity for cryptocurrency companies to expand, innovate, and invest in the UK.
Within the next six months, the UK hopes to enact new legislation governing stablecoins and cryptocurrency staking.
During a cryptocurrency event organized by Coinbase in London on February 19, Economic Secretary to the Treasury Bim Afolami stated that the government was making great efforts to guarantee that the new laws were passed in time for this year’s general election, according to a report from Bloomberg.
“We’re very clear that we want to get these things done as soon as possible. And I think over the next six months, those things are doable.”
When asked for more specifics about the much-anticipated crypto rule, Afolami stayed silent. Afolami stated:
“Short answer is, I don’t know […] There’s just a huge amount going on, so I don’t want to commit to that now,”
In 2022, UK Prime Minister Rishi Sunak committed to turning the nation into a “global crypto hub,” emphasizing the necessity for cryptocurrency companies to expand, innovate, and invest in the UK.
Since then, despite numerous calls for more succinct regulations from cryptocurrency companies operating in the UK, there hasn’t been much significant progress made in the nation’s regulatory framework.
The UK Law Commission released four significant suggestions on July 3 to amend national legislation regarding the ownership and use of cryptocurrencies.
In order to account for and safeguard the special qualities provided by digital assets, the panel advocated for establishing a new “distinct” category of personal property.
This campaign was accompanied by a proposal that the government conduct a common law examination of cryptocurrency assets and create a panel of experts, academics, and practitioners to counsel courts on legal matters pertaining to the cryptocurrency space.
The UK government said on October 30, 2023, that it would like to implement further regulations pertaining to cryptocurrencies by 2024. The Financial Conduct Authority (FCA) was given authority over regulating fiat-backed stablecoins.
With a general election predicted to occur sometime in the second half of this year, the UK is preparing for it. The early surveys show that the country’s Labour government, which is generally considered less pro-crypto, is in the lead.
